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Lockton Financial Services continues expansion with addition of Marsh alternative investment and product innovation expert insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
Boom in blank check companies is wearing out insurers Katherine Chiglinsky and Jenny Surane, Bloomberg Feb. 12, 2021 FacebookTwitterEmail Tilman Fertitta, the Houston billionaire who built a hospitality and entertainment empire from a single seafood restaurant in Katy, will take his Landry’s Inc. and Golden Nugget casino operations public by merging them with a special purpose acquisition company. The transaction values the businesses at $6.6 billion, including debt.Jon Shapley, Houston Chronicle / Staff photographer The boom in “blank check” companies is overwhelming a key player in their creation companies: insurers. Firms selling directors-and-officers liability policies for these special purpose acquisition companies have been flooded by the listings that surged last year. That’s caused insurers to ratchet up their prices and seek ways to control their exposure to SPACs moves that are making it harder for blank-check firms to get started. ....
Insurers Overwhelmed by Demand for D&O Coverage for Blank Check Companies By Katherine Chiglinsky and Jenny Surane | February 10, 2021 The SPAC boom is overwhelming a key player in the creation of a blank-check companies: insurers. Firms selling directors-and-officers liability policies for special purpose acquisition companies have been flooded by the listings that surged last year. That’s caused insurers to ratchet up their prices and seek ways to control their exposure to SPACs moves that are making it harder for blank-check firms to get started. “There was clearly some SPAC exhaustion in the market,” Kristin Kraeger, national directors-and-officers practice leader at insurance broker Aon Plc, said in an interview. “The carriers that were writing these deals mid-year and through the fall started to reflect on their book” and didn’t want to get too heavily weighted in that area. ....
The SPAC boom is overwhelming a key player in the creation of a blank-check companies: insurers. Firms selling directors-and-officers liability policies ....